The European Union (EU) and South Korea have signed a new *Digital Trade Agreement (DTA)*, which sets standards for the digital economy, data exchange and e-commerce between the two regions.
The agreement aims to strengthen digital cooperation between the EU and South Korea, covering areas such as cloud services, financial services, online commerce, cybersecurity and personal data protection*. The agreement will allow EU and South Korean companies to serve each other’s customers without unnecessary legal and bureaucratic restrictions. It also includes provisions on the free cross-border flow of data, electronic contracts, source code protection, online consumer protection and open government data. One important aspect of the agreement is the ban on tariffs on electronic transactions, which should reduce the costs of international trade.
Negotiations on the Association Agreement have been ongoing for several years, but the key moment was the 12th meeting of the Inter-Party Trade Committee, which discussed issues such as digital data security, market integration and increasing trust in digital services. The EU sees the agreement as an opportunity to expand the influence of the European digital market in the Asian region. The EU sees the agreement as part of its *Indo-Pacific Digital Strategy*, which aims to expand the influence of the European digital market in Asia.
The conclusion of the DTA is an important step in global digital trade and strengthens relations between the EU and Korea. Although the document still needs legal recognition in both regions, it is already clear that it will open up new opportunities for international business and promote the development of digital technologies.
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